Ethereum has suffered a staggering 30% sell-off over the past 24-hours with price falling towards the $125 level of support.
The decline has affected almost all cryptocurrencies, with Bitcoin dropping below $6,000 while the likes of XRP has descended to a three-year low.
Ethereum needs to begin closing daily candles back above the $145 level of resistance over the coming days to avoid a desperate crash to below $100.
It is now down by more than 50% from its $290 high in February, which has erased the gains made by the rally since the turn of the year.
Despite being three days away, this weekly candle is on track to mark the worst percentage return since November 2018 as panic begins to take control of the market.
Key levels of support to look out for on the Ethereum chart remain at $125, $93 and $53 in a worst case scenario.
It isn’t just cryptocurrencies that have suffered over the past months, with global equity and capital markets suffering its largest plunge since the financial crisis in 2008.
It has now been confirmed that the impact of coronavirus on global stock markets has been more severe than when Hitler invaded France during the second World War.
The recent panic has been ignited by countries like Italy and the Czech Republic locking down and the United States cancelling all inbound flights from Europe.
The UK Prime Minister, Boris Johnson, is hosting an emergency meeting later today to reassess the nation’s approach to the virus, an event that is expected to cause further turmoil across the markets.
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About Ethereum
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
More Ethereum news and information
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